New Mexico Statutes 54-1A-104. Supplemental principles of law
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(a) Unless displaced by particular provisions of the Uniform Partnership Act (1994) N.M. Stat. Ann. § 54-1A-101 to 54-1A-1206, the principles of law and equity supplement that act.
Terms Used In New Mexico Statutes 54-1A-104
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(b) If an obligation to pay interest arises under the Uniform Partnership Act (1994) and the rate is not specified, the rate is that specified in Section 56-8-4 N.M. Stat. Ann..